AASB 2010-7 - Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) - December 2010
25Paragraph 20 is amended to read as follows, paragraph 96 is deleted and paragraph 97 is added:
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25 Paragraph 20 is amended to read as follows, paragraph 96 is deleted and paragraph 97 is added:
20 Australian Accounting Standards permit or require certain assets to be carried at fair value or to be revalued (see, for example, AASB 116 Property, Plant and Equipment, AASB 138 Intangible Assets, AASB 140 Investment Property and AASB 9 Financial Instruments). In some jurisdictions, the revaluation or other restatement of an asset to fair value affects taxable profit (tax loss) for the current period. As a result, ...
96 [Deleted by the IASB]
97 AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010), issued in December 2010, amended paragraph 20 and deleted paragraph 96. An entity shall apply those amendments when it applies AASB 9 as issued in December 2010.